GS Financial Corp. Announces Second Quarter Results, Including Loss from Securities Writedown and...

METAIRIE, La.--(BUSINESS WIRE)--GS Financial Corp., (NASDAQ: GSLA - News) (the “Company”), the holding company of Guaranty Savings Bank , announced a loss of $232,000 for the quarter ended June 30, 2008, compared with earnings of $293,000 from the same period in 2007. The loss per share for the second quarter of 2008 was ($.18), compared with earnings of $.24 per share for the second quarter of 2007. The loss in the second quarter of 2008 was primarily a result of the recognition of a non-cash impairment charge of $651,000 (pre-tax) and $430,000 (after-tax) related to the Company’s investment in two mutual funds that hold mortgage-backed securities. The investments are in the AMF Ultra Short Mortgage Fund (ticker: ASARX) and AMF Intermediate Mortgage Fund (ticker: ASCPX), which are held as available-for-sale. Due to continued... [read full story]